JD Wetherspoon Year To Date Total Sales +4.4%

14th Jul 2010 07:00

JD Wetherspoon plc ("JD Wetherspoon" or the "Company") announces its pre-close statement prior to the end of the current financial year on 25th July 2010. Current Trading For the 11 weeks to 11th July 2009, like-for-like sales increased by 1.0%. Total Company sales over the same period increased by 5.8%. In the financial year-to-date (50 weeks to 11th July 2010), like-for-like sales increased by 0.1% and overall Company sales increased by 4.4%. We anticipate reporting operating margins (before exceptionals) for the second half of this financial year of approximately 10.0%. Property The financial year-to-date has seen 41 openings and 2 disposals, with a further 6 openings expected by the financial year end. Financial position The Company is in a sound financial position, with net debt to EBITDA currently at approximately 2.8 times. Free cashflow in the year-to-date has been strong, enabling us to open 47 new pubs and pay a dividend of £26.2 million, while maintaining net debt levels which are similar to the prior year. Outlook Our sales, profit and cashflow continue to be resilient and the performance of our recently opened pubs is encouraging. In addition, as previously indicated, we continue to believe there are substantial opportunities for us to acquire sites at reasonable prices. Although our interest charges next year will be higher and the economy has taxation and employment pressures, the Company is confident of a resilient performance for the next financial year. . Enquiries: Keith Down Finance Director 01923 477777 Eddie Gershon Company Spokesman 0208 352 5012 / 07956 392234 Notes to editors 1. JD Wetherspoon owns and operates pubs throughout the UK. The Company aims to provide customers with good-quality food and drink, served by well-trained and friendly staff, at reasonable prices. The pubs are individually designed and the Company aims to maintain them in excellent condition. 2. Visit our website at www.jdwetherspoon.co.uk. 3. This announcement has been prepared solely to provide additional information to the shareholders of JD Wetherspoon, in order to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied on by any other party, for other purposes. Forward-looking statements have been made by the directors in good faith using information available up until the date that they approved this statement. Forward-looking statements should be regarded with caution because of the inherent uncertainties in economic trends and business risks. This announcement is based on information sourced from unaudited management accounts and excludes any exceptional items. (MORE TO FOLLOW) Dow Jones Newswires July 14, 2010 02:00 ET (06:00 GMT)